(GBTC), Tesla Motors, Inc. (NASDAQ:TSLA) – Dogecoin, Who? — These Cryptos Outperformed The Elon Musk Pet Last Week
Dogecoin (DOGE) has shot up nearly 70% over a seven-day period as of press-time and gained 22.75% to 0.071 in a 24-hour window, but there are cryptocurrencies out there that recorded even more spectacular gains.
What Happened: The Shiba Inu-themed joke cryptocurrency has been propelled by the social media posts of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and his followers, but some other cryptos have outpaced DOGE gains even without celebrity endorsement.
Cardano (ADA) — the fourth-largest cryptocurrency by market cap has returned 87.10% over a seven-day trailing period. ADA was trading 1.78% lower at $0.66 at press-time.
Ethereum (ETH) rival Solana (SOL) has run up 73.12% over a seven-day period. SOL was up 26.42% at $7.45 at press time.
Universal market access protocol’s UMA token is up a whopping 171.84% in the past seven days and traded 3.63% higher at $29.81 at press time.
With gains of nearly 141%, 0x (ZRX), a sort of a craigslist for cryptocurrencies, is also among those beating DOGE’s seven-day returns. ZRX was up 19.93% at $1.58 at press time.
Other notable gainers in the seven day period include Elrond (EGLD) — up 125.46%, Terra (LUNA) — in the green 123.99%, and Avalanche (AVAX) higher by 113.63%.
Why It Matters: Even though many so-called altcoins have run up more than DOGE in the last seven days, the top two by market cap — Bitcoin (BTC) and ETH stayed muted. Both the coins are up 15.51% and 23.14% in the period respectively.
BTC traded 1.01% higher at $39,212.12 and ETH was up 0.59% at $1,637.36 at press time.
Grayscale Bitcoin Trust (OTC: GBTC) closed 0.21% lower at $37.88 on Friday.
Musk said over the weekend that DOGE’s high supply relative to BTCcan actually be an advantage. The entrepreneur also said that the “transaction speed of Doge should ideally be a few orders of magnitude faster.”
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